Recent Developments
We shared the draft Communiqué on Material Transactions
and Exit Right No. II - 23.3 which the Capital Markets Board of
Turkey ("CMB") made available for public in our Client Alert dated March 30, 2020.
The draft communiqué prepared by the CMB was revised in
accordance with the amendments to the Capital Markets Law No. 6362
("CML") and the market actors' revision demands. The
new Communiqué on Material Transactions and Exit Right No.
II - 23.3 ("Material Transactions Communiqué")
entered into force upon its publication in the Official Gazette No.
31168 dated June 27, 2020.
In addition, the CMB prepared a set of guidelines to explain the
new updates and clarify the potential issues on the implementation
of the new Material Transaction Communiqué.